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Plan the Trade

  • #8,061
  • Oct 11, 2018 3:31am Oct 11, 2018 3:31am
Quoting chyldom
Hello guys could I ask you how big account I should have or what was amount that you started with? Also could you recomend any good broker where I can try demo? I was trying to look here but did not find anything. Thanks
I started couple of days ago and I still do not understand the basics of market structure. I was truthfully avoiding opening a live account but all these platform providers expire in 7-14 days forcing you to open a live account. Perhaps someone can suggest a non-expiry demo account. In my opinion, demo is just simulation. With a live feed from the exchange to look into volumes, you will be blindly trading price action (nothing wrong with PA if you are an expert chartist)

After having only 2 days of live data feed, I am at a complete loss looking at the correlation between volume and price movements. Starring at DOM, time&sales and price chart, I just don't understand how price moves based on volume traded. Even T&S tells a different story with Bid and Ask Size and "volume". Looking at DOM is even worse as algos run wild faking the market depth into tricking us with fake "order flow". Perhaps this is just a HORRIBLE week for anyone to go live with futures trading.

I would not go into futures unless you have atleast $10K/pair/contract of capital. Since there is no negative balance, you should also have 20-30% parked somewhere ready to deploy in case of margin liquidation. And if you are like me who trades "small and often" across 28 pairs, it will be a challenge to make the mental shift of trading just one pair going up and down the daily churn.... but everything is possible if you put the time and effort so good luck bro. You are better off in futures if you can afford to play with the big "fixers".
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Staying in my lane...
  • #8,062
  • Oct 11, 2018 3:44am Oct 11, 2018 3:44am
[quote=chyldom;11571393]Hello guys could I ask you how big account I should have or what was amount that you started with? Also could you recomend any good broker where I can try demo? I was trying to look here but did not find anything. Thanks

Infinity futures gives 30 days trial period, 3k minimum deposit/ Amp gives 2 weeks demo and 1k minimum deposit. Given the fact that ,if you know simple candle stick patterns , market structure, SD/SR, and your target is just say 40-50 ticks a day you don't need order flow or any other jargons to play with head.
Btw Read all D's posts
Good Luck
on a postive roll...
  • #8,063
  • Oct 11, 2018 5:06am Oct 11, 2018 5:06am
Quoting VEEFX
{quote} My problem with trading from day one since 1997 is not to know when to quit while I am ahead. .
Somewhere earlier in this thread, i posted the same thing, regarding trading the Nas. There simply is no need anymore to try to trade markets (FX) for 12/14 hours a day.

After a little time, you adjust to concentrating to the max for an hour and that is all that is needed cos of the amount she moves.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #8,064
  • Oct 11, 2018 5:15am Oct 11, 2018 5:15am
Quoting Divergence
They must have lowered margin then last time I looked daytrader margin was 1000. The NQ trends like nothing else let that sink in and you will have an aha moment. Hey CG hope all is well

Hi Harold. Things ticking along, thanks for the thoughts and wishes. Trying the natural approach, but prepared to fly back to UK if need be and have further analysis. Guess i gotta realise that i have the rest of my life ahead, so no rush.

Funny though, i literally had made the switch to Live trades, just as all this happened. Not sure if the stress is linked... cos it didn't feel that way to me. Hey ho. I'm still here.

It makes you see things a bit more clearly. That the problems that everyone is facing when trying to break into constant profits, is basically trying to hard. A method will be executed in a mechanical style for a very long time, which in my mind - doesn't work. You have to like the look of it.

I imagine you don't even realise that it is your experience as opposed to your actual method which brings such success.

Many of others will look at your trades and perhaps think... 'ok, i get it', but then when they try, they take many other different trades and/or instead... that's what i've observed anyway.

There is such a fine blend of not over-trading and equally not under-trading either. If it looks right, don't hesitate, but at the same time, learn when to walk away and not react, even if the one you left turns out to be a winner.

It's been pointed out that until the success rate isn't so high, it is utmost importance to keep the R:R minimum 1:2... as uni pointed out, 3 wins, 3 losses and nicely up for the day. Ending in the + is all that matters

Losses used to hit my pride far too hard. Now i understand that it is part and parcel of the process.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #8,065
  • Oct 11, 2018 5:29am Oct 11, 2018 5:29am
Quoting The Cableguy
{quote} That the problems that everyone is facing when trying to break into constant profits, is basically trying to hard.
So true!!! Gotta keep this in my mind.

Happy to know you're well and feeling better CG
  • #8,066
  • Oct 11, 2018 8:04am Oct 11, 2018 8:04am
just got up and volume is 250000 looks like another ride on the magic carpet
  • #8,067
  • Oct 11, 2018 8:15am Oct 11, 2018 8:15am
Quoting Divergence
just got up and volume is 250000 looks like another ride on the magic carpet
CPI and Trump talking about CPI.
  • #8,068
  • Oct 11, 2018 8:25am Oct 11, 2018 8:25am
Quoting The Cableguy
{quote} Hi Harold. Things ticking along, thanks for the thoughts and wishes. Trying the natural approach, but prepared to fly back to UK if need be and have further analysis. .
Good to hear you are ok, CG ... keep us up to date. Over here lots of people are going the natural way with all sorts of issues and having good success. Strongs !!!
Never give up !!!
  • #8,069
  • Edited 8:58am Oct 11, 2018 8:46am | Edited 8:58am
Quoting Divergence
just got up and volume is 250000 looks like another ride on the magic carpet
Got my first 3R trade.... am I done for the day?

Edit: I meant, are you done for the day when first trade goes into TP of 2R or 3R?
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Staying in my lane...
  • #8,070
  • Oct 11, 2018 8:58am Oct 11, 2018 8:58am
Wow .. the sheer size of the candles makes the usual SL of 13 look like ... ummm .. really small ... no room to breath.
What to do ... widen the stop or drop down to lower TF like 15 sec ... any ideas ?
Never give up !!!
  • #8,071
  • Oct 11, 2018 9:05am Oct 11, 2018 9:05am
crazy moves..
  • #8,072
  • Oct 11, 2018 9:09am Oct 11, 2018 9:09am
Is trying the lower TF option ... worked my way down to 8 sec ... there the SL has some room to breath ... got one +24 so far ...

ps. Amazing to see the market structure just do it's thing even in such low TF's.
Never give up !!!
  • #8,073
  • Oct 11, 2018 9:11am Oct 11, 2018 9:11am
Quoting theunis
Wow .. the sheer size of the candles makes the usual SL of 13 look like ... ummm .. really small ... no room to breath. What to do ... widen the stop or drop down to lower TF like 15 sec ... any ideas ?
i have these setup in the menu buttons... but with such crazy moves, SL should be 100+ so better to take 2-3 hits of 10 ticks is a better option... but tough on your emotions until you become emotionless and mechanical and let the power of 3+RR work it's magic

EDIT: 9ticks is my fixed SL so seeing 9Tick candle on the chart helps figure out razor sharp entries

EDIT1: 9tick renko works well too
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Staying in my lane...
  • #8,074
  • Oct 11, 2018 9:13am Oct 11, 2018 9:13am
The range on the 5min chart is absolutely comical
  • #8,075
  • Oct 11, 2018 9:19am Oct 11, 2018 9:19am
Quoting VEEFX
{quote} i have these setup in the menu buttons... but with such crazy moves, SL should be 100+ so better to take 2-3 hits of 10 ticks is a better option... but tough on your emotions until you become emotionless and mechanical and let the power of 3+RR work it's magic EDIT: 9ticks is my fixed SL so seeing 9Tick candle on the chart helps figure out razor sharp entries EDIT1: 9tick renko works well too {image} {image}
Good idea .. will check and compare a 13 tick chart

ps. Nope ... the 8 sec chart is way more accurate ... will stick with it and see ...
Never give up !!!
  • #8,076
  • Oct 11, 2018 9:27am Oct 11, 2018 9:27am
well got 40 last night and another 208 today cant trade tomorrow have a procedure done
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  • #8,077
  • Oct 11, 2018 9:31am Oct 11, 2018 9:31am
Quoting theunis
Wow .. the sheer size of the candles makes the usual SL of 13 look like ... ummm .. really small ... no room to breath. What to do ... widen the stop or drop down to lower TF like 15 sec ... any ideas ?
if taking half a bar is still to be i see what top or bottom is and move entry up 12 ticks
  • #8,078
  • Oct 11, 2018 10:02am Oct 11, 2018 10:02am
Quoting Divergence
{quote} if taking half a bar is still to be i see what top or bottom is and move entry up 12 ticks
Another option is to wait a while and let the candles settle to smaller sizes ... is the better option I think.

After a few trades I compared the S&D levels of the 8 and 30 sec chart and the 30 was more accurate ... too many setups on the 8 sec chart that is nook and cranny trades on the 30 sec chart and gets ripped apart easily ... logical I suppose

Ending the day on +7 after my little experiment ... 5 trades ... 2 wins and 3 losses ... my chart is a mess so will skip that.
Never give up !!!
  • #8,079
  • Oct 11, 2018 10:07am Oct 11, 2018 10:07am
Quoting Divergence
well got 40 last night and another 208 today cant trade tomorrow have a procedure done {image}
Meet you at Peter Lugers? lol
  • #8,080
  • Oct 11, 2018 10:11am Oct 11, 2018 10:11am
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